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Constructing genuine savings indicators for Ireland, 1995-2005
1Department of Agricultural and Applied Economics, 313 Conner Hall, University of Georgia, Athens, GA 30602-7509, USA. sferreir@uga.edu
Journal of Environmental Management
|October 12, 2010
Summary
This study calculated genuine savings for Ireland (1995-2005), finding lower and often negative indicators compared to World Bank estimates. Improved methods accounted for resource depreciation, emissions, and human capital. Keywords: genuine savings, Ireland, environmental economics, sustainable development.
Area of Science:
- Environmental Economics
- Ecological Economics
- Sustainable Development Indicators
Background:
- Genuine savings indicators are crucial for assessing sustainable development.
- Previous estimates by the World Bank for Ireland may not fully capture all relevant factors.
- Accurate measurement of national savings is vital for long-term economic and environmental planning.
Purpose of the Study:
- To compute and improve genuine savings indicators for the Republic of Ireland from 1995 to 2005.
- To refine existing World Bank methodologies by incorporating specific Irish data and broader environmental and social costs.
- To provide a more accurate assessment of Ireland's sustainable development trajectory during the specified period.
Main Methods:
- Utilized official Irish data sources for enhanced accuracy.
- Applied the net present value (NPV) method to quantify resource depreciation.
- Included the external costs associated with sulfur dioxide (SO2) and nitrogen oxide (NOx) emissions.
- Estimated human capital accumulation based on returns to education.
- Conducted sensitivity analyses to ensure the robustness of the findings.
Main Results:
- Calculated genuine savings indicators for Ireland (1995-2005) using an expanded methodology.
- Findings indicate consistently lower genuine savings compared to World Bank estimates.
- Estimates revealed negative genuine savings in the initial years of the analyzed period.
- The inclusion of environmental externalities and human capital significantly impacted the savings indicators.
Conclusions:
- The refined genuine savings indicators suggest a less optimistic picture of sustainable development in Ireland during 1995-2005 than previously estimated.
- Policy implications point towards the need for greater consideration of environmental degradation and human capital investment in national accounting.
- The study highlights the importance of comprehensive and accurate data for evaluating genuine savings and informing sustainable economic policies.
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